The Senate on Wednesday, mandated three of its committees to investigate seven international oil companies over their alleged refusal to remit about $21 billion to the national treasury.
The decision of the upper chamber was sequel to a motion by the Vice Chairman, Senate Committee on Petroleum Resources, Ifeanyi Ubah.
Ubah had drawn the attention of his colleagues to the IOCs alleged refusal to honour the provisions of the Production Sharing Contracts Act.
The Act of the National Assembly according to the Senator, regulates the sharing of additional revenue between the Nigerian National Petroleum Corporation and the various oil companies.
The Deep Offshore and Inland Basin Production Sharing Contract Act Cap D3 LFN 2004 (PSC Act) became effective on January 1, 1993.
He said the legislation was supposed to be reviewed after 15 years.
Source: Punch newspaper.
